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Benefits • 401(k)

Do You Realize Your Retirement Can Last
20 years, 30 years, or more!
That's a long to time to go without a paycheck. It is important to realize that how you prepare for your retirement during your working years will determine the quality of your retirement years.

We offer you a dollar-for-dollar match of up to 6% of your total compensation with our 401(k) plan, which is administered by New York Life.	Enroll Now! Manage Your Account!

Eligibility
If you are a benefits eligible employee you are eligible to begin making your own 401(k) contributions (on a before-tax, after-tax, or Roth after-tax basis as soon as administratively possible following your date of eligibility).

Fixed Employer Contribution

Whether or not you choose to contribute, your employer will contribute an amount equal to 3% of your eligible compensation into your 401(k) account. This is called the fixed employer contribution amount. The vesting schedule for employer contributions is 25% per year (employees are fully vested after 4 years of employment).

Automatic Enrollment for New Hires

If you do not make an election to participate in the 401(k) plan within 45 days of your hire date, we will automatically enroll you in the plan at a 3% pre-tax contribution rate. From that point on, we will increase your contribution by 1% each year on your anniversary date of hire up to a maximum of 6%. Please note that if you elect a contribution rate less than 6% of your pay, your contribution rate will increase 1% each year up to the 6% maximum.

If you do not want to have your contribution rate automatically increased, you must make a separate managed savings election through Benefits Complete.

Retirement Roth 401(k) Option

This option allows employees to make after-tax contributions to 401k Roth account. Qualified distributions of Roth 401(k) contributions and earnings are tax-free.
Learn More ...

2009 Contribution and Compensation Limits

The Internal Revenue Code has limits for qualified 401(k) plans on contributions and compensation used to determine employer contributions. Here are the limits for 2009:

$16,500 - Combined pre-tax and after-tax Roth 401(k) contributions
$5,500 - Catch-up contribution limit if age 50 or older anytime during 2009
$49,000 - Total employee plus employer contributions to 401(k) accounts including (does not include any applicable catch-up contributions):
- Pre-tax contributions
- After-tax Roth 401(k) contributions
- Traditional after-tax contributions
- Employer match/contributions
$245,000 – Compensation used to determine maximum employer match and maximum employer contribution (for those who first became a plan participant after December 31, 1995)
$360,000 – Compensation used to determine maximum employer match and maximum employer contribution (for those who first became a plan participant before January 1, 1996)

Contribution Rate Change Deadline Schedule

You may make any changes to your contributions…pre-tax, after-tax Roth, or traditional after-tax...through www.bcomplete.com or 1.800.294.3575. Please see the Contribution Rate Change Deadline Schedule for each pay check in 2009.

Investment Funds

View the investment options for the Farm Credit Foundations Defined Contribution/401(k) Plan. If you do not decline the automatic enrollment feature, your contributions and the employer match/contribution will be automatically invested in a Vanguard target-date fund based on your age. Otherwise, you may choose to invest in any of the core funds, or any publicly traded stock or mutual fund through the Ameritrade self-directed brokerage account.

New Features Added to TD AMERITRADE Self-Directed Brokerage

Effective July 1, 2008, the ability to write covered calls and purchase long options became an additional feature to the TD AMERITRADE self-directed brokerage account arrangement through the Farm Credit Foundations Defined Contribution/401(k) Plan. Learn More ...

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